Xiaomi unveiled a luxury version of its SU7 electric sports car on Tuesday, saying the $114,000 model would rank as the fastest four-door car in production in a direct challenge to the likes of Tesla and Porsche.

Xiaomi CEO Lei Jun, who has a near-celebrity following in China, used the last section of a live-streamed product update that ran over three hours to show off the SU7 Ultra.

He also announced pricing that put the new EV on a par with the Tesla Model S Plaid and signaled an intent to compete on performance rather than cost with more established car makers.

"This is the world's fastest four-door mass-produced car currently available," Lei said, adding that "When people ask why we created such a powerful machine, my answer is simple, we're building a dream car."

A comparison chart displayed during Lei's presentation showed the SU7 Ultra outperforming the Porsche Taycan Turbo in acceleration and top speed specifications.

Lei also said the new car would also be faster than the Model S Plaid, although the Tesla would still have a better driving range of 672 km on a charge versus 630 km.

By pricing the SU7 Ultra in line with the Model S Plaid in China at 814,900 yuan ($114,200), Xiaomi also broke with its earlier strategy of pitching to EV shoppers on value.

Electric motors deliver faster acceleration than combustion engines. Chinese EV makers have been following Elon Musk's early playbook for Tesla by launching fast cars designed to showcase technology and innovation in a segment of the market better protected from price competition.

Xiaomi said the production version of the SU7 Ultra would feature carbon-fiber components, including its roof, performance ceramic brakes and an aerodynamic styling. The company had unveiled a prototype in July.

Ahead of Tuesday's event, Lei said the SU7 Ultra prototype had set a record lap time at Germany's grueling Nurburgring track.

The 20.8-kilometer Nurburgring has been considered a benchmark for vehicle acceleration and handling by auto engineers and has provided bragging rights to automakers for decades.

Xiaomi has said it aims to deliver 120,000 SU7 vehicles by year end. Xiaomi said the first SU7 Ultras would be delivered in March. It began taking orders on Tuesday and said it had received more than 3,600 in the 10 minutes after the performance car's debut.

Xiaomi's EV deliveries in China have topped 10,000 per month since June and hit a high of more than 20,000 vehicles in October.

During the product launch event, the company also released its flagship Xiaomi 15 smartphone series, with prices starting at 4,499 yuan ($630). The new phones will be available for purchase from Thursday.

(With input from Reuters)